Vodafone Group Plc EC CLEARS MERGER OF VODAFONE ITALY TOWERS & INWIT (3568F)
09 Marzo 2020 - 1:00AM
UK Regulatory
TIDMVOD
RNS Number : 3568F
Vodafone Group Plc
09 March 2020
6 March 2020
EUROPEAN COMMISSION CLEARS MERGER OF VODAFONE ITALY TOWERS AND
INWIT
The European Commission has today cleared the combination of
Vodafone Italy's towers with INWIT's passive network infrastructure
(the "Combination"), creating Europe's second largest listed tower
company with over 22,000 towers.
Following constructive talks with the European Commission,
Vodafone and TIM have offered commitments to support access to
INWIT's passive infrastructure by all market participants. Under
the commitments, INWIT will make space available to third parties
on 4,000 of its towers in more urbanised areas while committing to
preserving existing tenancies. The commitments ensure that INWIT
can maximise tower utilisation while preserving the ability of
Vodafone and TIM to efficiently roll out their respective 5G
networks.
The European Commission has confirmed that it is supportive of
Vodafone and TIM's plans to share active network equipment outside
of major cities, allowing a faster deployment of 5G over a wider
geographic area, at a lower cost, and with a lower environmental
impact. The active sharing partnership will exclude municipalities
with populations of over 100,000 inhabitants, as well as their more
densely populated suburbs.
As a result of the Combination - which was approved with 99.9%
of the votes by INWIT minority shareholders in favour, and that is
expected to take place by the end of March - Vodafone will receive
proceeds of EUR2,140 million, as announced in July 2019, and both
Vodafone and TIM will each hold a 37.5% shareholding in INWIT.
INWIT will then pay a special dividend of EUR0.5936 to holders of
the company's post-merger ordinary shares, as already approved by
INWIT's shareholders on 19 December 2019. Assuming the Combination
completes by the May 19(th) record date, the ordinary dividend for
2019 (to be approved by INWIT's shareholders on 6 April of this
year) will be EUR0.132 per share.
- ends -
Fo r further information:
Vodafone Group
Media Relations Investor Relations
www.vodafone.com/media/contact ir@vodafone.co.uk
About Vodafone Group
Vodafone Group is one of the world's leading telecoms and
technology service providers. We have extensive experience in
connectivity, convergence and the Internet of Things, as well as
championing mobile financial services and digital transformation in
emerging markets.
Vodafone Group has mobile operations in 24 countries, partners
with mobile networks in 42 more, and fixed broadband operations in
19 markets. As of 31 December 2019, Vodafone Group had
approximately 625 million mobile customers, 27 million fixed
broadband customers and 22 million TV customers, including all of
the customers in Vodafone's joint ventures and associates. For more
information, please visit: www.vodafone.com
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END
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March 09, 2020 03:00 ET (07:00 GMT)
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